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 American Pioneer Inc. said 
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it agreed in principle to sell its American Pioneer Life Insurance Co. subsidiary to Harcourt Brace Jovanovich Inc. 's HBJ Insurance Cos. for $27 million.
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 American Pioneer, parent of American Pioneer Savings Bank, said 
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the sale will add capital 
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and reduce the level of investments in subsidiaries for the thrift holding company. 
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 Recently, the boards of both the parent company and the thrift also voted to suspend dividends on preferred shares of both companies and convert all preferred into common shares.
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 The company said 
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the move was necessary to meet capital requirements.
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 The transaction is subject to execution of a definitive purchase agreement and approval by various regulatory agencies, 
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including the insurance departments of the states of Florida and Indiana,
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 the company said.
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 In the second quarter, American Pioneer reported a loss of $7.3 million, 
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compared with net income of $1.1 million a year earlier.
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 The banking operation had a loss of $8.7 million in the second quarter, 
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largely because of problem real-estate loans, 
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while the insurance operations earned $884,000.
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